- Fenergo Client Lifecycle Management delivers a fully digital end-to-end client journey from initial onboarding to ongoing lifecycle events. The focus is on speed of execution, efficiency and compliance.
- Fenergo focuses solely on financial clients. As of mid-2021, they claim to have 32 of the top 50 banks on its platform.
- Fenergo claims to improve 700% in ROI in just four years, 82% reduction in onboarding time and 34% savings in audit costs.
- Fenergo follows a rules-based, risk-based approach to compliance that offers regulatory surety throughout the end-to-end client lifecycle with inherent rules that span 90+ countries and a wide range of regulatory frameworks.
- Anti-Money laundering
- Data Privacy (GDPR, CCPA)
- Know Your Customer (KYC)
- Investor Protection
- OTC Derivatives (EMIR, Dodd-Frank, MiFID II)
- Tax Compliance (CRS, FATCA, 871M)
In this rapidly changing and evolving digital world, banks and financial institutions find it challenging to evolve. Financial institutions have access to tons of client data, but it is important for them to extract quality information which can help them make efficient decisions, effective client prospecting and classified client reporting. An ever increasing customer demand and tighter industry regulations makes it imperative for these organizations to offer better services and display constant growth. With Fenergo, these institutions can digitally transform their end-to-end client lifecycle processes and deliver a truly frictionless customer experience.
At Cazton, we have helped clients from SMBs to Fortune 500 companies in their digital transformation. With very few companies having the niche exposure needed to make this successful, we are in a unique position to help our clients. With the breadth of our expertise, we create and use best practices. We understand what works well and what doesn’t. We have created best practices that help you onboard, develop, integrate and deploy the right solution for your business and take advantage of the offerings of tools like Fenergo.
Digital Client Lifecycle Management
Fenergo Client Lifecycle Management delivers a fully digital end-to-end client journey from initial onboarding to ongoing lifecycle events solely for financial institutions. Regulatory change is a constant battle for financial institutions. Fenergo enables financial institutions to deliver a seamless digital experience for their customers while focusing on speed of execution, efficiency and compliance.
The lifecycle comprises of:
- Frictionless onboarding for new customers: Fenergo eliminates the need for customers to visit a branch. Customers can easily sign up via Fenergo’s secure portal. The solution spans the entire account opening process from initial origination to all legal and credit approval processes to account set-up. This includes:
- Accelerated client onboarding.
- Digitally-orchestrated approval processes (sales, credit, legal, account set-up).
- End-to-end visibility for all stakeholders.
- Out-of-the-box API integrations.
- Automated information extraction from documents.
- Easy updates.
- Compliance documentation: The portal is powered by a dynamic rules engine that outlines the required documentation, which can be uploaded to the portal. This helps financial institutions stay compliant.
- AML/KYC & Regulatory Compliance: This comprises a suite of solutions that enables financial firms to comply with a wide range of local and global regulations. It delivers a risk-based approach to compliance. For lower risk cases, it utilizes Straight Through Processing. Rest of the cases are managed by exception. This enables financial institutions to focus their attention, resources and personnel on higher risk or value-added tasks. It includes:
- Regulatory surety across AML, KYC, Securities Financing Transaction Regulation (SFTR), Tax, OTC Derivatives and Data Privacy rules.
- Visualization tool for 360° view of legal entity hierarchies and ownership structures.
- Enterprise-wide rules-driven compliance spanning 100+ jurisdictions.
- Automated AML/KYC compliance.
- Advanced API integrations with leading data, ID&V vendors and screening providers.
- Future-proofing against evolving regulations.
- Client data management: Fenergo Client Data Master is a centralized master data system that integrates not only with multiple leading data and screening providers but with KYC utilities around the world. It’s view (of clients and investors data) promotes re-use of client and counterparty data in different systems of financial institutions resulting in significant efficiencies and cost savings. This includes:
- Real-time 360° view of client or investor for greater regulatory compliance.
- An API-first data integration and centralization approach that promotes reuse of client and counterparty information.
- Integrations with industry data and screening providers and regulatory utilities.
- Prune, remediate, match and merge with both in-flight and verified data.
- Ability to resolve conflicting data.
- Approval and account details: Fenergo’s Remote Account Opening solution is a pre-configured, digital-only service. It allows financial institutions to digitally onboard clients in compliance with regulatory guidance, leverage the latest digital technologies and continue to mitigate the risk of financial crime. This pre-configured digital service seamlessly integrates with your existing account opening process and reduces the time to onboard and rapidly processes new account requests remotely. This includes:
- Pre-Configured Regulatory Rules.
- Plug-and-Play Account Opening.
- Dynamic, Digital Data Collection.
- End-to-End Digital Client Journeys.
- Client outreach: Digital request management solution is a self-serving tool for clients. It’s designed to digitize client service requests. It provides clients with the ability to digitally interact with their financial services provider. It enhances client-investor experience and improves operational efficiencies. It saves both time and money in collecting data and documentation from clients. Client outreach includes:
- Opening new accounts.
- Applying for new products and services.
- Submitting new updated client information.
- Having control and transparency over their data.
- Communicating seamlessly with their banking provider.
- Future scheduled and event-driven client reviews: It can take up to 34 weeks to onboard a new client with manual client onboarding processes, 12 weeks for firms with partial onboarding solutions and less than 6 weeks for institutions that have implemented a Client Lifecycle Management solution. It can cost up to $25,000 per client to onboard a new client, with the average cost calculated at $6,000 per new client. Data quality, operational efficiencies, customer experience and regulatory compliance were cited as the top challenges facing investment and corporate banks. Fenergo believes that financial institutions who use the entire lifecycle can expect to achieve:
- 20% operational efficiency improvement.
- 30% onboarding time savings.
- 20% audit-related savings.
Digital Client Lifecycle Management
Cazton brings the best of both financial and tech worlds to top Fortune 500 clients. We have worked with top financial clients like Bank of America, Thomson Reuters, American Express and many others. At the same time, our developers and architects have received top awards like Microsoft Most Valuable Professional and Google Developers Experts. Since our technical team has extensive experience working with financial institutions on compliance, we have key insights on making integrations faster, more secure and highly efficient.
Cazton learns from every project we do and our clients love our unique insights. Having worked on a multitude of projects that have similar constraints and challenges, we understand what works and what doesn’t. With the breadth of our expertise, we create and implement best practices. These best practices are the foundational stone for the pillars of our clients’ success. This is one reason we have a track record of saving millions of dollars on projects that were made successful by our team after multi-billion competitors failed to deliver.
Cazton is composed of technical professionals with expertise gained all over the world and in all fields of the tech industry and we put this expertise to work for you. We serve all industries, including banking, finance, legal services, life sciences & healthcare, technology, media, and the public sector. Check out some of our services:
Cazton has expanded into a global company, servicing clients not only across the United States, but in Oslo, Norway; Stockholm, Sweden; London, England; Berlin, Germany; Frankfurt, Germany; Paris, France; Amsterdam, Netherlands; Brussels, Belgium; Rome, Italy; Sydney, Melbourne, Australia; Quebec City, Toronto Vancouver, Montreal, Ottawa, Calgary, Edmonton, Victoria, and Winnipeg as well. In the United States, we provide our consulting and training services across various cities like Austin, Dallas, Houston, New York, New Jersey, Irvine, Los Angeles, Denver, Boulder, Charlotte, Atlanta, Orlando, Miami, San Antonio, San Diego, San Francisco, San Jose, Stamford and others. Contact us today to learn more about what our experts can do for you.